Tate & Lyle on course to meet full-year expectations
15-02-2008
Tate & Lyle said it is on course to meet expectations for the year ending March 31st 2008, as its Americas division continues to perform well.
The sugar and sucralose producer said profit before tax for the four months from October 1st 2007 to January 31st 2008 was marginally ahead of expectations and profits for the second half of the year will be similar to those of the first half (£117 million).
Strong performances from both value-added food ingredients and commodity products in the company's Americas division helped increase profits.
The London-based sugar refiner said the EU market remains challenging, as it cuts back on sugar quotas to conform to a World Trade Organisation ruling.
Within sucralose, Tate said sales growth continued across all territories, although profits for the period will be lower on costs associated with defending patents in Singapore - the location of the company's new plant.
Tate said it expected a £14 million reduction in profit for the year as a whole as a result of an unfavourable exchange rate.
Shares in Tate & Lyle were up 1.18 per cent in afternoon trading to £5.14.
Digg 
Delicious 
Reddit 
StumbleUpon 
Google 
Technorati 
Netvouz